Ginger Extract Market Size, Statistics To Witness Robust Growth & Future Prospects
According to Market Research Future (MRFR), the global ginger extract market Size is expected to reach USD 1,530.06 million with a CAGR of 5.4% from 2020 to 2030 (forecast period). The report provides a comprehensive review of the impact of COVID-19 on current/future market situations. The report also focuses on the major market factors that will affect the growth of this market, such as market share, top region and major suppliers.
Ginger extract contains various phenolic compounds, some of which have antineoplastic, anti-inflammatory, and antioxidant properties. This has contributed to the widespread use of ginger extract due to its flavoring and medicinal properties in the food and beverage, pharmaceutical, and nutraceutical industries.
Market Dynamics
The growth of the global market for ginger extract is anticipated to be led by the rising consumption of dietary supplements worldwide. Ginger extract is now commonly used in the production of ready-to-eat food products, which is driving the market growth. In addition, the introduction of many ginger-infused beverages has a significant impact on the demand for ginger extract. However, ginger production depends heavily on climatic conditions, which are expected to restrict the growth of the global market for ginger extract. Consumer preference for organic food & beverages is anticipated to accelerate the consumption of organic ginger extract.
Key Players
The leading participants operating in the global ginger extract market include Flavex Naturextrakte GmbH (Germany), Archer Daniels Midland Company (US), Greenutra Resource Inc (China), Inner Natural Ingredients Inc. (China), International Flavors & Fragrances Inc. (US), Hornsea Sunshine Biotech (China), KANEGRADE (UK), Naturalin Bio-Resources Co., Ltd (China), Naturex SA (France), and Nutra Green Biotechnology Co., Ltd (China).
Market Segmentation
The global market for ginger extract has been segmented into category, form, and application.
By category, the global market for ginger extract has been segmented into organic and conventional.
By form, the global market ginger extract has been segmented into powder and liquid.
By application, the global market for ginger extract has been segmented into food & beverages, pharmaceuticals & nutraceuticals, personal care, and others. The food & beverage segment held the largest share in 2018 and is expected to grow to a substantial CAGR and reach USD 632.3 million by the end of 2025. Ginger extract is commonly used in the food & beverage industry in various applications such as carbonated soft drinks, beer mixes, energy drinks, still beverages, tea drinks, bakery items, syrups, confectionery products, and ice cream. However, the pharmaceutical & nutraceuticals sector is anticipated to show the highest CAGR during the forecast period.
Regional Analysis
Regionally, the global market for ginger extract has been segmented into North America, Europe, Asia Pacific, and the rest of the world.
The Asia Pacific held the largest market share of 34.5% of the global market for ginger extract in 2018. The Asia Pacific is home to the world's major producer of ginger — China, India, Nepal, and Thailand. China accounted for a majority market share of 30.56% in 2018, and the country-level market is expected to expand at a substantial pace during the forecast period.
Europe accounted for a significant of the ginger extract market share in 2018. European countries, including the United Kingdom, the Netherlands, and Germany, are among the leading importers of ginger.
The increasing demand for natural ingredients in various industries, such as food & beverage, pharmaceutical & nutraceutical, and personal care, fuel the growth of the North American market for ginger extract.
The growing demand for natural health-benefit ingredients in food and beverages is a driving force for the growth of the South American market, with Brazil accounting for a significant market share.
NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
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